Silver downsizers can actually upsize whilst downsizing, benefitting from an additional 260 square feet of space by opting for a park home instead of a flat, latest research from Regency Living reveals.
Often, when it comes to downsizing, especially in retirement or later life, people will opt to sell a house and purchase a more manageable property. But with bungalow stock availability low, many are forced to downsize to a flat in order to secure a smaller home that’s easier to manage in later life.
UPSIZING WHEN DOWNSIZING
Regency Living’s data reveals that the average size of a house in England is 1,102 sq ft, while the average size of a flat is 464 sq ft. This means downsizers are sacrificing an average of -638.2 sq ft when moving from a house to a flat, which is equivalent to 57.9% of floorspace.
This space sacrifice increases to an average of -61.7% in London and 60% in the South West.
There is one option that can give them the best of both worlds when looking to release equity and downsize their home, without having to move to a flat.
When downsizing to a park home, they are still exchanging a large house for a far more manageable property, but aren’t having to sacrifice nearly as much space as they would by moving into a flat.
This is because the average size of a park home in England is 721.8 sq ft which makes it 257.8 sq ft, or 55.5%, larger than the average flat.
In fact, in the East of England, the average park home is 75% larger than the average flat, and in the South East, the difference is 74.2%.
FLATS vs PARK HOMES
For the extra square footage that you get from a park home, one might expect them to be more expensive than a flat, but in reality the opposite is true.
The average price of a flat in England is £251,916 while the average park home price is £136,393. This means that park homes don’t only offer an average of 55.5% more space than a flat, but they also provide an average financial saving of almost 46% (£115,523).
GO-TO CHOICE
Tim Simmons, Sales & Marketing Director at Regency Living, says: “For the most part, people choose to downsize for two reasons.
“The first is space: downsizers are often looking for a more manageable property that better suits their needs in retirement or when the children have left home. For many, old age can also mean a property without stairs is required.
“Second is price: by selling a family home and buying a smaller property, you’re saving money and, therefore, freeing up equity that can fund a more enjoyable retirement.
“Park Bungalows are quickly becoming the go-to choice for downsizers because, as our new research shows, they offer a great size of property at an incredible price, all without sacrificing any of the modern amenities and luxuries you’d expect from a brand new bricks and mortar flat, for example.
“On top of that, there’s the additional benefit of living as part of a like-minded community that provides friendship and security.”
